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Exam 6: Entrepreneurship

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Question 51

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Start-ups have at least two major liabilities: newness and fast growth.

A) True
B) False

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Question 52

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Entrepreneurs are essentially gamblers.

A) True
B) False

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Question 53

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Managers are quicker to act and actively manage risk, while entrepreneurs often are slower to act and tend to avoid risk.

A business plan describes only the basic idea involved in starting a new venture.

Entrepreneurs start their own firms because of the challenge, profit potential, and enormous satisfaction they hope lies ahead.

A franchisor is an innovator who has created at least one successful store and seeks partners to operate the same concept in other local markets.

Scenario C. Use the information given below to answer the questions below the paragraph. Three entrepreneurs describe their ventures in the following manner: Raymond: "I have invested very little money but I am the first to launch the product in the market." Sharon: "I have invested very little money in my business for a product with many similar competitors already in the market." Kevin: "I have spent an incredible amount of money getting my business going in an industry with many well-established competitors." -According to the entrepreneurial strategy matrix, Raymond's scenario can be described as:

Scenario C. Use the information given below to answer the questions below the paragraph. Three entrepreneurs describe their ventures in the following manner: Raymond: "I have invested very little money but I am the first to launch the product in the market." Sharon: "I have invested very little money in my business for a product with many similar competitors already in the market." Kevin: "I have spent an incredible amount of money getting my business going in an industry with many well-established competitors." -According to the entrepreneurial strategy matrix, Kevin's venture can be described as:

Social capital refers to being part of a social network and having a good reputation.

Cambridge Counseling, an entrepreneurial venture, does not have any distinctive services when compared with the well-established competitors in the field, and the business will require a sizable investment. Which quadrant of the entrepreneurial strategy matrix will the venture be placed?

Amanda, a manager, decides to offer her support to Jason, one of her subordinates, on a new project in exchange for a share of the payoffs. In the context of entrepreneurship, this practice is known as:

In the context of common management challenges, leadership deteriorates into micromanagement when entrepreneurs fail to:

When a business goes wrong, nonprofessional investors are less helpful and less likely to advance more money.

Describe some of the major management challenges associated with entrepreneurship.

The first step toward building organizational support for an idea that involves explaining the idea and seeking approval to look for wider support is known as:

eBay brings buyers and sellers together and charges a commission for each sale. This type of business model is known as a(n) :

What are some of the reasons why people become entrepreneurs?

Scenario A. Use the information in the following paragraph to answer the following questions. Your roommate comes in after class to tell you, with great excitement, that she has decided to become an entrepreneur. Her reasons are these: First, she is something of a gambler, so she believes entrepreneurship is a perfect match for her personality. Second, she is an admitted "control freak". She is confident that all it takes is a good idea and that money will surely follow. Finally, she made 650 on her SATs so her success, she feels, is a certainty. -In the context of the given scenario, which of the following is true?

In the context of the entrepreneurial strategy matrix, which of the following products is most likely to have the highest risks and returns?

Entrepreneurs, in part because they are very busy, often fail to use _____, resulting in inadequate margins to support growth.